Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1887-06-15
.RAYING SPECULATORS.
THB WHEAT CLIQUE BROKEN AND THE
ANIMALS STARK, STARKNG MAD
A Scene That Throws PandsnOuiun Into the Shade
Enacted on the Chicago Exchange
Advancing, and Belief Prevails
That the Worst Is 0y~.


followed by whistling Of excitement this
morning. Traders had just caught their
breath and steadied their nerves after the
break Of Saturday when the second
cyclone came. It was. the wheat pit scare
of Saturday enlarged and intensified. The
liberal taking of July wheat yesterday by
the clique made that future steady at or
about "a cents per bushel. Outside trad
ers said that the combination permitted
the sharp decline on Saturday for apur-
pose, and that they were about to buy up
July wheat as they have already done May
and June Many became 'tailers, " the
sclaIers became active and it looked
as if the worst were past
and that the lowest point for July had
been reached when the 8 cent drop of
Saturday occurred. But the outside forces
were at work for the bears. Thousands OF
cars standing on side tracks and elevators
all filed TO bursting, tremendous receipts
reported, and everything pointing to more
wheat and millions more in the near fu-
ture. Such were the conditions when the
traders went on Change this morning.
For the first offering of July soft wheat
there were no takers. 1t was offered un-
der the supposed market, still no takers.
The fears that took hold upon the bulls at
the close of Last week again made them
quake.
THE UPROAR GREW INTENSE
in the wild offers to sell wheat, and July
dropped from S3ac to SIC while men were
thinking what to do. Every one wanted
TO unload, but no one wanted wheat. In
less time than il takes to tell the story,
July wheat was offered at SOC, or &c less
than the closing price yesterday. 1t was
a short storm, but terrible in its effects on
the crowd. Traders crawled out OF the
pit dripping with perspiratiOn and weak
from excitement There was talk OF fail
ures but none were announced to add to
the feverish condition of things Then for
an hour there was slight rally, and the
leading feature, July, sold up to Size.
This was but lull in the storm. At ii
a. m. the indicator Tor July showed it
again selling down and in fifteen minutes
it was offered at 79c, 42c below the open
ing, an hour before. Then came the third
tumble at the noon hour, and July wheat
sold down to 76l, or Tic below the open
ing price. The entire Boord was
LITTLE LESS THAN A PANDEMONIUM,
and the bears declared it just retribution
on the bullIsh wheat manipulators. Ru-
mOrs reached here that there was run on
the bank of Cincinnati where the head
quarters of the 'longs" are supposed to be
situated. Margins were frequently called
and heavy deposits demanded. The Chi
cagO banks, il was said, refused to advance
any more money on wheat, and late in the
session it was stated the checks of some OF
the parties interested on the longs side
had been refused. At 1890 came the start
ling announcement that all persons having
trades with ROsenfeld & Co., one OF the
clique houses, should close them at once.
The uproar had not subsidized when July
wheat took the fourth and worst turn of
the day and dropped for a moment TO 74c,
and closed the morning session at 74ic.
Trouble was expected on margins, as Ker-
shaws and the crowd was ready for any
thing thOrt of an earthquake.
THRONGs OF PEOPLE RUSHED IN
from the streets and the gallery was filled
with an excited thrOng of men and women.
IL was a morning session to be remem-
bered as long as wheat grows. The In
termissiOn at one o'clock gave members
chance to catch their breath, and when
the afternoon session was called the ex-
citement had somewhat abated. At 20
it was officially announced that f. w.
Bailey & Co. and Hamilton q Briner re-
quested all parties having trades with
them to close them out at once. The
instant this announcement was made July
wheat dropped to 733c, but soon reeoy-
cred and went back to 74c. Five minutes
later Secretary Stone raped the tumultu-
Ous crowd to order, and read the following
from the leading clique house of c. J.
Kershaw: "We have assurance that mar
gins and ample funds will be forthcoming
by tomorrow morning, and we request
that no trades be closed out. The an
nOuneement was received with cheers, and
in a few minutes July wheat was selling
at 75s cents ..<.
Although the chief excitement Of the
day was in July, yet June wheat
SOLD WITH WILDER FLUCTUATIONS,
from 92 down to 80, up to 81, and then by
Jumps down to 73, when slight reaction
occurred. The lowest figure touched by
June was about 20 cents under yesterdays
closing price.